PRINTEMPS PROFITS RISE 25.1% FOR ’95
PARIS — Pinault Printemps Redoute, the diversified retail and distribution group that includes the Printemps department store chain and the La Redoute mail-order group, reported net profits for 1995 rose 25.1 percent to $299.2 million (1.52 billion francs) at current exchange.
Operating profits rose 11 percent to $590.4 million (2.99 billion francs), and consolidated sales rose 9.9 percent to $15.36 billion (77.79 billion francs).
The sales gain was attributed mainly to the FNAC audiovisual chain, acquired in fall 1994. The chain was integrated into the group’s results on a full-year basis for the first time last year. On a pro forma basis, sales would have increased 2 percent, the company said.
Among individual operations, the Printemps chain suffered an operating loss of $6.7 million (34 million francs) last year, after an operating profit of 42 million francs in 1994. Same-store sales for Printemps were $939.6 million (4.76 billion francs), down 3.8 percent from 1994.
At La Redoute, operating profits fell 11.4 percent to $76.8 million (389 million francs) on sales of $3 billion (15.4 billion), down 2.1 percent.
The Prisunic variety chain, for which Corinne Cobson has designed a ready-to-wear collection launched this spring, operating profits jumped to $12.6 million (64 million francs) in 1995, compared with 7 million francs in 1994. Same-store sales were down 8.7 percent to $1.2 billion (5.9 billion francs).
The company said sales for all its retail operations, on a same-store basis, were down 0.7 percent. Sales were flat for the first six months of last year, but stores and the mail-order business were adversely affected by the transportation and mail strikes that hit France late last year. Earlier in the second half, scattered bombings and bomb threats there also hurt retail sales.